Poddar Housing and Development Limited has informed the Exchange regarding 'AGM Notice'.
Awaiting price reaction for this filing.
Poddar Housing and Development Limited has informed the exchanges about its 42nd Annual General Meeting (AGM) scheduled for Monday, June 30, 2025 at 11:00 a.m. (IST), to be held through video conferencing. Ordinary business includes adoption of audited standalone and consolidated financial statements for FY ended March 31, 2024, and re-appointment of Mr. Richard Wilson (DIN: 10577178) as director, who retires by rotation. Special business includes ratification of cost auditor M/s V.J. Talati and Co.'s remuneration at Rs. 50,000 per annum for FY25, and re-appointment of Mr. Rohitashwa Poddar (DIN: 00001262) as Managing Director for a further 3 years at a monthly salary of Rs. 2.50 lakh plus perquisites, subject to shareholder approval via special resolution. The company had reported a standalone loss after tax of Rs. 4,656.50 lakhs and negative EPS for FY23, citing NBFC crisis, RERA, GST, COVID-19 impact, and higher finance costs from a Rs. 150 crore NCD issue. Remote e-voting will be open from June 27 (9:00 a.m.) to June 29 (5:00 p.m.), 2025, with cut-off date of May 23, 2025.
This is a routine AGM notice with no immediate material impact on stock price. However, shareholders should note the special resolution seeking shareholder approval for continued MD remuneration despite past losses, and the ongoing financial challenges in the real estate segment. The MD reappointment signals management continuity, while the resolution allows remuneration beyond prescribed limits if profits remain inadequate.